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Wabtec (WAB) stock

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NYSE: WAB NYSE Construction Machinery & Heavy Transportation Equipment Next results ~January 19, 2027

C+ Fundamentals grade

Wabtec is a US-listed company in the construction machinery & heavy transportation equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$250

Cash-flow model

Base case. Range ~$180–$340 across our lower- and higher-growth cases (6.1%–16.1% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 14% above our base value.

Price used: $286.79, November 2, 2026

Wabtec valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Wabtec files

10-Q filed October 21: Wabtec

Revenue for the twelve months to September 2026 reached $12.2bn, up 13.2% on a year earlier and broadly matching the pace set a quarter before. Free-cash-flow margin improved to 14.6% from 11.8% over the same period. Our model value is little changed at $258 a share, set against a market price of $276. Given that gap, the rating stays Hold. At $276 the model implies the market is pricing in roughly 12.0% annual cash-flow growth over the next five years. That assumption runs ahead of the 9.3% annual revenue growth the business has actually delivered.

Source: 10-Q filed October 21, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Wabtec stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $12.0bn, up 13.4% on a year earlier, faster than 9.6% a quarter earlier. Free-cash-flow margin held at 14.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $249 a share, against a share price of $282. At that price, our model says the market is pricing in about 13.9% a year of cash-flow growth for five years, faster than the 8.9% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 19, 2027 (estimated)

Wabtec's trailing-twelve-month revenue grew 13.2% year on year, with a free-cash-flow margin of 14.6%. Where it stands out: gross margin of 35.6% ranks 4 of 23 construction machinery & heavy transportation equipment companies we cover. Where it lags: change in growth rate of -0.2pp ranks 20 of 23 construction machinery & heavy transportation equipment companies we cover.

Our discounted-cash-flow model values the business at ~$250 per share in the base case (~$180–$340 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 40.6% while net income grew 15.9%: a 25pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 12 insiders sold $43M of stock over the past 365 days and none bought (57% under pre-set trading plans).
  • Below peers: change in growth rate. Change in growth rate of -0.2pp ranks 20 of 23 construction machinery & heavy transportation equipment companies we cover (median +4.6pp).

Latest results: FY2026 Q3

Filed October 21, 2026
Earnings per share
$2.83 against an average estimate of $2.73: beat by 3.5%
Revenue
$3.12bn, up 8.1% on a year earlier
Share reaction
-2.5% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Guidance given
adjusted EPS $10.85 to $11.05 (full year 2026); revenues $12.3bn to $12.6bn (full year 2026)
Next report
October 21, 2026; average EPS estimate $2.68

Wabtec's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.6%
  • 1 week+3.3%
  • 1 month-0.3%
  • This year+34.8%
  • 1 year+40.9%
  • 5 years+218.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$12.2B
Operating margin
17.2%
Net margin
11.2%
EPS (TTM, diluted)
$8.05

Growth

Revenue growth
+13.2%
Change in growth rate
−0.2 pts
Share count change
−0.8%

Cash

Free cash flow (TTM)
$1.8B
FCF margin
14.6%
Stock pay % of revenue
0.9%

Earnings

Last results
October 21, 2026
Next results (est.)
January 19, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Guidance
  4. Financing
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Wabtec valuation models and calculator

What the price is pricing in

The share price implies about 12.5% a year of cash-flow growth for five years.That is close to the 9.3% a year revenue growth Wabtec has delivered.

  • Priced in12.5%
  • Last 12 months13.2%
  • 3 years a year8.9%
  • 5 years a year9.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($289.78, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$250
Price used
$289.78close November 3, 2026
Implied change
▼ 13%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Wabtec's free cash flow after stock-based pay with after-tax interest added back ($1.8B, FY2026 Q3 TTM), growing 8.5% and 9.6% in the next two years (forecasts, guidance and its record), then back to 11.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$180–~$340 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Wabtec's free cash flow after stock-based pay ( $1.8B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Wabtec as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$250 ~$180–$340 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$140 ~$130–$180 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$67 ~$46–$98 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$67 ~$58–$79 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$160 ~$67–$250 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Wabtec with Construction Machinery & Heavy Transportation Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +35%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ +23%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $121$176$250$348$475$639
8.5% $84$125$178$247$338$454
10% $62$93$134$188$257$345

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$66.87$78.45$77.38$67.12$74.81$70.90$89.71$97.84$125.21$187.98$212.71$286.79
Market value$6.5bn$7.1bn$7.4bn$6.5bn$13.3bn$13.5bn$16.9bn$17.9bn$22.5bn$32.9bn$36.4bn$48.7bn
+ Net debt (− = net cash)$466m$750m$1.6bn$3.3bn$3.8bn$3.6bn$3.6bn$3.5bn$3.5bn$3.3bn$4.8bn$5.9bn
Enterprise value$7.0bn$7.9bn$9.1bn$9.8bn$17.1bn$17.1bn$20.5bn$21.4bn$25.9bn$36.1bn$41.2bn$54.6bn
Multiples
Price / sales 2.0x2.4x1.9x1.5x1.6x1.8x2.2x2.1x2.3x3.2x3.3x4.0x
Price / earnings 16.3x23.5x28.3x22.0x40.6x32.6x30.2x28.3x27.6x31.1x31.1x35.6x
Price / free cash flow 16.2x17.9x74.9x29.3x16.0x20.8x17.9x20.1x22.1x20.2x24.3x27.3x
EV / EBITDA 10.3x15.0x17.3x16.7x16.1x14.1x15.0x14.3x14.4x17.1x17.9x20.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard Wabtec's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 9 / 20

    Cash operating profit has been a median 8.0% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 29.6%, moving by 2.6 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Operating margin has been a median 11.8%; its worst year was 7.6%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 10.0% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 10.0% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.98 +22% $12.5bn +12%
Next $12.58 +15% $13.4bn +7%

Next year's EPS estimate has moved +1.7% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.3% on 90 days ago. In the last 30 days, 2 analysts raised Wabtec's forecast and 0 cut it.

Consensus EPS forecast Wabtec, last 90 days
$10.50 $11.00 $11.50 $12.00 $12.50 $13.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.84 Current fiscal year, 60 days ago: $10.86 Current fiscal year, 30 days ago: $10.87 Current fiscal year, 7 days ago: $10.87 Current fiscal year, Now: $10.98 $10.98 Next fiscal year, 90 days ago: $12.37 Next fiscal year, 60 days ago: $12.44 Next fiscal year, 30 days ago: $12.46 Next fiscal year, 7 days ago: $12.48 Next fiscal year, Now: $12.58 $12.58

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.84$12.37
60 days ago $10.86$12.44
30 days ago $10.87$12.46
7 days ago $10.87$12.48
Now $10.98$12.58

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.73 $2.83 +3.5%
Jun 2026 $2.61 $2.76 +5.9%
Mar 2026 $2.52 $2.71 +7.6%
Dec 2025 $2.08 $2.10 +0.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026
  • revenues full year 2026 $12.3bn to $12.6bn Maintained
    “For the full year 2026, Wabtec continues to expect revenues to be between $12.30 billion to $12.60 billion, up 11.5% at the midpoint versus prior year.” source
  • adjusted EPS full year 2026 $10.85 to $11.05 Non-GAAP Raised
    “Wabtec raised and tightened its 2026 adjusted EPS guidance range to $10.85 - $11.05, raising it $0.20 at the midpoint, or up 22.0% versus prior year.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Wabtec's revenue by +8.5% next year and +9.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.6%, weight 54%) , management guidance (+7.2%, weight 20%) and the company's own record (+11.1%, weight 26%) . How the weights are set.

Analyst recommendations

12 analysts, Oct 2026
Buy1083%
Hold217%
Sell00%

Monthly trend

  1. Oct 202619212
  2. Sep 202619212
  3. Aug 202619212
  4. Jul 202619212

Counts of recommendations published by analysts covering Wabtec, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.9%
of tradable shares
Days to cover
4.45
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
0.7%
of shares
Employees
31,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +40.9%

$203.49 on October 31, 2025 to $286.79

ThenNowEffect
Revenue (last 12 months) $10.6bn $12.0bn +13.4%
Net margin 10.9% 10.6% −3.0%
P/E multiple 30.4x 38.5x +26.9%
Share count 172m 171m +0.9%

Biggest factor: p/e multiple.

Last 3 years +161.6%

$109.64 on November 3, 2023 to $286.79

ThenNowEffect
Revenue (last 12 months) $9.0bn $12.0bn +33.3%
Net margin 7.5% 10.6% +40.4%
P/E multiple 29.3x 38.5x +31.7%
Share count 181m 171m +6.1%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WAB+27%+9%+28%+50%+13%+35%
Industry peers (median)+11%−13%+36%+22%+4%+9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WAB67%50%50%83%75%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WAB−14%−19%−17%−12%−24%−11%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 64% from September 7, 2018 to March 20, 2020. Getting back needed a 178% gain, reached on July 10, 2023, 1207 days after the low.

Price behaviour

52-week range
$195.46 – $305.47
From 52-week high
−6.1%
vs 50-day average
+0.5%
vs 200-day average
+7.1%
Volatility (1 year)
26%
Beta vs S&P 500
1.00

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±5.4%
After a week
7 up, 5 down
typical move ±5.6%
After a month
5 up, 6 down
typical move ±7.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 −2.5% −0.7% −0.4% —
July 22, 2026 +13.1% −1.3% +10.7% +11.0%
April 22, 2026 +4.6% +0.6% +1.5% −1.0%
February 11, 2026 +3.0% −1.6% +6.4% −3.8%
October 22, 2025 −0.5% +0.1% +1.8% −0.8%
July 24, 2025 −8.0% +0.5% −10.4% −8.6%
April 23, 2025 +7.9% +3.7% +7.6% +16.6%
February 12, 2025 −5.6% +0.7% −7.7% −14.0%
January 14, 2025 +4.4% +2.0% +7.9% +2.4%
October 23, 2024 −0.3% −0.7% −0.2% +4.5%
July 24, 2024 −5.3% −2.8% −4.1% −2.8%
April 24, 2024 +9.9% −0.4% +8.1% +14.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Wabtec’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Wabtec in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Wabtec
$9B $10B $11B $12B $13B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $9.7B Revenue (TTM), FY24 Q1: $10B Revenue (TTM), FY24 Q2: $10.2B Revenue (TTM), FY24 Q3: $10.3B Revenue (TTM), FY24 Q4: $10.4B Revenue (TTM), FY25 Q1: $10.5B Revenue (TTM), FY25 Q2: $10.6B Revenue (TTM), FY25 Q3: $10.8B Revenue (TTM), FY25 Q4: $11.2B Revenue (TTM), FY26 Q1: $11.5B Revenue (TTM), FY26 Q2: $12B Revenue (TTM), FY26 Q3: $12.2B $12.2B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $9.7B
FY24 Q1 $10B
FY24 Q2 $10.2B
FY24 Q3 $10.3B
FY24 Q4 $10.4B
FY25 Q1 $10.5B
FY25 Q2 $10.6B
FY25 Q3 $10.8B
FY25 Q4 $11.2B
FY26 Q1 $11.5B
FY26 Q2 $12B
FY26 Q3 $12.2B
Revenue growth, TTM YoY Wabtec
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 15.7% Revenue growth, TTM YoY, FY24 Q1: 15.7% Revenue growth, TTM YoY, FY24 Q2: 13.7% Revenue growth, TTM YoY, FY24 Q3: 9.2% Revenue growth, TTM YoY, FY24 Q4: 7.3% Revenue growth, TTM YoY, FY25 Q1: 5.2% Revenue growth, TTM YoY, FY25 Q2: 3.4% Revenue growth, TTM YoY, FY25 Q3: 4.4% Revenue growth, TTM YoY, FY25 Q4: 7.5% Revenue growth, TTM YoY, FY26 Q1: 9.6% Revenue growth, TTM YoY, FY26 Q2: 13.4% Revenue growth, TTM YoY, FY26 Q3: 13.2% 13.2%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 15.7%
FY24 Q1 15.7%
FY24 Q2 13.7%
FY24 Q3 9.2%
FY24 Q4 7.3%
FY25 Q1 5.2%
FY25 Q2 3.4%
FY25 Q3 4.4%
FY25 Q4 7.5%
FY26 Q1 9.6%
FY26 Q2 13.4%
FY26 Q3 13.2%
Operating margin (TTM) Wabtec
12% 14% 16% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 13.1% Operating margin (TTM), FY24 Q1: 14.0% Operating margin (TTM), FY24 Q2: 14.9% Operating margin (TTM), FY24 Q3: 15.3% Operating margin (TTM), FY24 Q4: 15.5% Operating margin (TTM), FY25 Q1: 15.9% Operating margin (TTM), FY25 Q2: 16.2% Operating margin (TTM), FY25 Q3: 16.4% Operating margin (TTM), FY25 Q4: 16.1% Operating margin (TTM), FY26 Q1: 16.0% Operating margin (TTM), FY26 Q2: 16.4% Operating margin (TTM), FY26 Q3: 17.2% 17.2%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 13.1%
FY24 Q1 14.0%
FY24 Q2 14.9%
FY24 Q3 15.3%
FY24 Q4 15.5%
FY25 Q1 15.9%
FY25 Q2 16.2%
FY25 Q3 16.4%
FY25 Q4 16.1%
FY26 Q1 16.0%
FY26 Q2 16.4%
FY26 Q3 17.2%
FCF margin (TTM) Wabtec
10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.5% FCF margin (TTM), FY24 Q1: 13.8% FCF margin (TTM), FY24 Q2: 14.6% FCF margin (TTM), FY24 Q3: 15.5% FCF margin (TTM), FY24 Q4: 15.7% FCF margin (TTM), FY25 Q1: 14.0% FCF margin (TTM), FY25 Q2: 13.7% FCF margin (TTM), FY25 Q3: 11.8% FCF margin (TTM), FY25 Q4: 13.4% FCF margin (TTM), FY26 Q1: 13.1% FCF margin (TTM), FY26 Q2: 14.3% FCF margin (TTM), FY26 Q3: 14.6% 14.6%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.5%
FY24 Q1 13.8%
FY24 Q2 14.6%
FY24 Q3 15.5%
FY24 Q4 15.7%
FY25 Q1 14.0%
FY25 Q2 13.7%
FY25 Q3 11.8%
FY25 Q4 13.4%
FY26 Q1 13.1%
FY26 Q2 14.3%
FY26 Q3 14.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Wabtec took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $11.2B
  2. Cost of revenue $7.4B · 65.9%
  3. Gross profit $3.8B · 34.1%
  4. Research and development $223M · 2.0%
  5. Selling, general and admin $1.5B · 13.3%
  6. Other operating costs $300M · 2.7%
  7. Operating income $1.8B · 16.1%
  8. Income tax $409M · 3.7%
  9. Interest and other $214M · 1.9%
  10. Net income $1.2B · 10.5%

Shares of revenue. Source: Wabtec's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1.4 1.5 2.0 2.4 2.6 3.0 3.3 2.9 3.9 4.4 8.2 7.6 7.8 8.4 9.7 10.4 11.2 12.2
Gross profit 0.4 0.4 0.6 0.7 0.8 0.9 1.0 0.9 1.1 1.2 2.3 2.1 2.4 2.5 2.9 3.4 3.8 4.4
EBITDA 0.2 0.2 0.3 0.4 0.5 0.6 0.7 0.5 0.5 0.6 1.1 1.2 1.4 1.5 1.8 2.1 2.3 2.7
Operating income 0.2 0.2 0.3 0.4 0.4 0.5 0.6 0.5 0.4 0.5 0.7 0.7 0.9 1.0 1.3 1.6 1.8 2.1
Net income 0.1 0.1 0.2 0.3 0.3 0.4 0.4 0.3 0.3 0.3 0.3 0.4 0.6 0.6 0.8 1.1 1.2 1.4
Diluted EPS $1.20 $1.28 $1.76 $2.60 $3.01 $3.62 $4.10 $3.34 $2.72 $3.05 $1.84 $2.17 $2.96 $3.46 $4.53 $6.04 $6.83 $8.05
Growth (year on year)
Revenue −11.0% +7.5% +30.6% +21.5% +7.3% +18.6% +8.7% −11.4% +32.4% +12.4% +87.9% −7.9% +3.5% +6.9% +15.7% +7.3% +7.5% +13.2%
EBITDA −11.1% +12.0% +30.7% +38.3% +11.9% +20.4% +14.3% −21.7% −0.4% +11.1% +82.6% +14.5% +12.2% +9.0% +20.6% +17.5% +8.6% +17.4%
Operating income −15.3% +12.7% +33.5% +44.9% +11.5% +20.5% +15.3% −24.8% −7.8% +12.4% +40.1% +12.4% +17.6% +15.4% +25.2% +27.1% +11.4% +18.5%
Net income −11.9% +7.0% +38.2% +47.9% +16.1% +20.3% +13.3% −23.5% −14.0% +12.4% +10.9% +26.6% +34.8% +13.4% +28.8% +29.6% +10.8% +15.9%
Diluted EPS −10.2% +7.1% +37.5% +47.7% +15.8% +20.3% +13.3% −18.5% −18.6% +12.1% −39.7% +17.9% +36.4% +16.9% +30.9% +33.3% +13.1% +16.9%
Margins
Gross margin 28.1% 29.8% 29.0% 29.0% 29.8% 30.7% 31.7% 31.5% 27.4% 28.3% 27.8% 28.3% 30.3% 30.4% 30.4% 32.4% 34.1% 35.6%
EBITDA margin 15.4% 16.0% 16.0% 18.3% 19.0% 19.3% 20.3% 18.0% 13.5% 13.4% 13.0% 16.1% 17.5% 17.8% 18.6% 20.3% 20.5% 21.8%
Operating margin 12.8% 13.5% 13.8% 16.4% 17.0% 17.3% 18.4% 15.6% 10.8% 10.8% 8.1% 9.9% 11.2% 12.1% 13.1% 15.5% 16.1% 17.2%
Net margin 8.2% 8.2% 8.6% 10.5% 11.4% 11.6% 12.1% 10.4% 6.8% 6.8% 4.0% 5.5% 7.1% 7.6% 8.4% 10.2% 10.5% 11.2%
Free-cash-flow margin 10.3% 10.3% 10.7% 8.4% 7.6% 14.0% 12.1% 13.7% 2.6% 5.1% 10.1% 8.6% 12.1% 10.6% 10.5% 15.7% 13.4% 14.6%
Cash flow
Cash from operations 0.2 0.2 0.2 0.2 0.2 0.5 0.5 0.5 0.2 0.3 1.0 0.8 1.1 1.0 1.2 1.8 1.8 2.1
Capital spending 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.2 0.2 0.3 0.3
Free cash flow 0.1 0.2 0.2 0.2 0.2 0.4 0.4 0.4 0.1 0.2 0.8 0.6 0.9 0.9 1.0 1.6 1.5 1.8
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.1
Free cash flow after stock pay 0.1 0.1 0.2 0.2 0.2 0.4 0.4 0.4 0.1 0.2 0.8 0.6 0.9 0.8 1.0 1.6 1.4 1.7
Balance sheet
Cash 0.2 0.2 0.3 0.2 0.3 0.4 0.2 1.1 0.2 0.6 0.6 0.6 0.5 0.5 0.6 0.7 0.8 0.5
Total debt 0.4 0.4 0.4 0.3 0.5 0.5 0.7 1.9 1.9 3.9 4.4 4.2 4.1 4.0 4.1 4.0 5.6 6.4
Net debt (negative = net cash) 0.2 0.2 0.1 0.1 0.2 0.1 0.5 0.7 1.6 3.3 3.8 3.6 3.6 3.5 3.5 3.3 4.8 5.9
Diluted shares 96m 96m 97m 97m 97m 97m 97m 91m 96m 97m 177m 190m 188m 183m 180m 175m 171m 170m
Returned to shareholders
Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2
Buybacks 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.2 0.0 0.0 0.0 0.2 0.3 0.5 0.4 1.1 0.2 0.8
Total returned 0.0 0.0 0.0 0.1 0.0 0.0 0.4 0.2 0.0 0.0 0.1 0.3 0.4 0.6 0.5 1.2 0.4 1.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · September 30, 2026
What it owns · $23.1bn
Short-term assets $6.1bnLonger-term assets $17.1bn
What it owes, and who funded it · $23.1bn
Short-term liabilities $5.5bnLonger-term liabilities $6.3bnShareholders' equity $11.3bn
  • Short-term assets cover short-term liabilities $6.1bn of assets due within a year against $5.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $6.1bn short-term assets against $6.3bn of longer-dated liabilities.
  • More cash than debt $489m of cash against $6.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 56% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 42% to 56% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.1bn of operating cash flow against $6.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.1bn against $299m of interest.

From Wabtec's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$837M
Dividends (TTM)
$201M
Returned to shareholders
58%
of free cash flow
Buybacks, last 3 fiscal years
$1.7B
Diluted share count
−0.8%
year over year
Total shareholder yield
2.1%
dividends 0.4% + buybacks 1.7% of market value
Dividend payout ratio
15%
of net income paid out
R&D spending
2.1%
of revenue
Sales & admin spending
13.5%
of revenue
Days sales outstanding
54 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction machinery & heavy transportation equipment
Last 12 months unless stated WAB OSK TEX PCAR ALSN CMI Median
Revenue, last 12 months $12.2bn $10.8bn $7.5bn $29.1bn $4.4bn $34.7bn $2.1bn
Revenue growth, last 12 months 13.2% 4.2% 40.1% −1.5% 37.6% 2.9% 10.1%
Revenue growth, 3-year average 8.9% 4.6% 13.3% −5.2% 14.2% 2.5% 4.3%
Revenue growth, latest quarter 8.1% 5.7% 58.4% 19.0% 92.4% 9.4% 17.8%
Gross margin 35.6% 15.4% 17.1% 20.1% 36.4% 25.3% 21.4%
Operating margin 17.2% 6.8% 5.7% — 19.6% 11.2% 5.9%
Operating margin, 3-year average 16.3% 8.5% 8.2% — 27.0% 9.5% 8.6%
Net margin 11.2% 4.6% 2.6% 9.5% 12.0% 7.8% 3.2%
Cash from operations / revenue 17.1% 10.5% 7.3% 12.6% 21.3% 13.4% 8.9%
Free-cash-flow margin 14.6% 9.0% 3.3% 10.5% 16.7% 9.7% 7.0%
Free-cash-flow margin, 3-year average 13.9% 5.3% 3.4% 11.4% 19.7% 6.0% 5.9%
Stock pay / revenue 0.9% 0.4% 0.9% 0.1% 0.7% 0.1% 0.6%
Change in share count −0.8% −3.1% 46.6% 0.1% −2.6% 0.4% −0.1%

Median of all 23 companies we cover in construction machinery & heavy transportation equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 construction machinery & heavy transportation equipment companies
Measure Company Peer median Rank
Revenue growth Growth 13.2% 10.1% 11 of 23
Change in growth rate Growth -0.2pp +4.6pp 20 of 23
Gross margin Profitability 35.6% 21.4% 4 of 23
Operating margin Profitability 17.2% 5.8% 4 of 21
Net margin Profitability 11.2% 3.2% 7 of 23
Free-cash-flow margin Cash generation 14.6% 7.0% 4 of 23
Stock pay as % of revenue Cash generation 0.9% 0.6% 14 of 20
Long-term debt as % of assets Balance sheet 20.2% 24.0% 8 of 18
Change in share count Balance sheet -0.8% -0.1% 7 of 21
Days sales outstanding Balance sheet 54 days 50 days 9 of 13

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Freight $8B 72.0% ▲ 7.6%
Transit $3.1B 28.0% ▲ 7.3%
Products and services
Line of business Revenue Share YoY
Products $9.3B 82.9% ▲ 9.8%
Services $1.9B 17.1% ▼ 2.4%
Geography
Region Revenue YoY
North America $6.2B ▲ 6.5%
United States $5.4B ▲ 9.0%
Europe $2B ▲ 7.8%
India $699M ▲ 20.7%
Other Europe $663M ▲ 8.3%
Canada $555M ▼ 9.9%
South America $513M ▲ 15.3%
Australia and New Zealand $453M ▼ 5.8%
Kazakhstan Russia and CIS $431M ▼ 22.9%
France $419M ▲ 13.6%
Germany $379M ▲ 2.2%
Africa $326M ▲ 68.0%
United Kingdom $313M ▲ 5.7%
Other Asia and Middle East $300M ▲ 16.3%
China $297M ▲ 22.7%
Mexico $270M ▼ 1.8%
IT $182M ▲ 9.6%

These categories overlap or exclude eliminations, so shares aren't shown.

From Wabtec's 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$42.2B
Institutions reporting
1,183
Shares held vs prior quarter
▲ 0.2%
Positions opened / closed
104 / 80

Top buyers and sellers, Q2 2026: 529 institutions bought and 483 sold ; the biggest buyer was FMR LLC (+1.7M shares) and the biggest seller Wellington Management Group LLP (−839K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $5.8B 21.4M 13.7% ▲ 8.4%
Blackrock, Inc. $3.7B 13.9M 8.9% ▲ 1.0%
Vanguard Capital Management LLC $3B 11.1M 7.1% 0.0%
State Street Corp $2.1B 7.9M 5.0% ▲ 2.1%
Price T Rowe Associates Inc $2B 7.3M 4.6% ▼ 9.1%
Vanguard Portfolio Management LLC $1.9B 7.2M 4.6% ▲ 0.2%
Geode Capital Management, LLC $1.2B 4.5M 2.9% ▼ 0.8%
Fil Ltd $951M 3.5M 2.3% ▲ 0.7%
Nordea Investment Management AB $836M 3.1M 2.0% ▼ 13.0%
Invesco Ltd. $753M 2.8M 1.8% ▲ 31.1%
Morgan Stanley $672M 2.5M 1.6% ▲ 1.2%
Select Equity Group, L.P. $653M 2.4M 1.5% ▼ 17.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Wabtec's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $42.6M 132 trades by 12 insiders · 57% under pre-set plans
Net ▼ $42.6M net selling
Insider Date Trade Shares Price Value
Santana Rafael President and CEO October 6, 2026 Sell pre-set plan 222 $294.16 $65,303
Santana Rafael President and CEO October 6, 2026 Sell pre-set plan 261 $293.34 $76,562
Santana Rafael President and CEO October 6, 2026 Sell pre-set plan 345 $292.33 $100,855
Santana Rafael President and CEO October 6, 2026 Sell pre-set plan 259 $291.37 $75,465
Santana Rafael President and CEO October 5, 2026 Sell pre-set plan 84 $292.99 $24,611
Santana Rafael President and CEO October 5, 2026 Sell pre-set plan 614 $292.36 $179,511
Santana Rafael President and CEO October 5, 2026 Sell pre-set plan 278 $291.52 $81,042
Santana Rafael President and CEO October 5, 2026 Sell pre-set plan 33 $289.96 $9,569
Santana Rafael President and CEO October 5, 2026 Sell pre-set plan 36 $288.14 $10,373
Santana Rafael President and CEO October 5, 2026 Sell pre-set plan 42 $287.24 $12,064
Santana Rafael President and CEO September 2, 2026 Sell pre-set plan 370 $279.21 $103,308
Santana Rafael President and CEO September 2, 2026 Sell pre-set plan 323 $280.21 $90,508

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 39 trades and filings

In the last 12 months, 2 members of Congress disclosed 1 purchase and 11 sales of Wabtec shares.

  • April McClain Delaney(D-MD 6):Sale (full), $100,001 - $250,000, traded August 25, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $15,001 - $50,000, traded August 3, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded July 28, 2026, filed August 3, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 19, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 22, 2026
  • April 22, 2026
  • February 11, 2026
  • October 22, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Wabtec was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Wabtec in brief

What does Wabtec do?
Wabtec is a US-listed company in the construction machinery & heavy transportation equipment industry. Its financial year ends in December.
What is Wabtec's stock ticker?
Wabtec trades under the ticker WAB on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Wabtec's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Wabtec reported revenue of $12.2B, 13.2% higher than a year earlier, according to its SEC filings.
What is Wabtec's free cash flow?
Wabtec's free-cash-flow margin is 14.6% of revenue over the trailing twelve months, ranking 4 of the 23 construction machinery & heavy transportation equipment companies we cover.
What is Wabtec's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Wabtec's free cash flow after stock-based pay gives ~$250 per share in the base case, and ~$180–$340 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Wabtec's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Wabtec buying back stock, and does it pay a dividend?
Wabtec spent $837M on share repurchases over the trailing twelve months, and its diluted share count fell 0.8% over the year.
What is Wabtec's market cap?
On November 2, 2026, Wabtec's market capitalisation was about $48.7B, with a price-to-earnings ratio of 35.6 and net debt of $5.9B. Market figures come from third-party market data and may be delayed.
Does Wabtec pay a dividend?
Yes: Wabtec paid $201M in dividends over the trailing twelve months, a dividend yield of 0.42% and a payout ratio of 14.7%.
How much debt does Wabtec have?
Wabtec's debt-to-equity ratio is 56.3%, from its latest balance sheet (42.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Wabtec's competitors?
In our Construction Machinery & Heavy Transportation Equipment peer group, the companies closest to Wabtec are Oshkosh Corp, Terex Corp, Paccar, Allison Transmission Holdings Inc and Cummins. The side-by-side comparison below sets their revenue, margins and growth against Wabtec's.
Are insiders buying or selling Wabtec stock?
Over the last 12 months, Wabtec's directors and officers reported 0 open-market purchases and 132 sales on Form 4. The insider trading page charts every trade.
When is Wabtec's next earnings date?
Around January 19, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Wabtec announces its own schedule.